How do I handle deposits? Who has Title to Goods?
Deposits can be simply treated as an advance against the contract value to permit the contractor to make upfront purchases for material and labor so that the contractor is not financing its own work.
Title to goods depends on the contractual arrangement made with the contractor and/or supplier. There may be instances where a conditional sales contract, or terms relating to a conditional sale, are included in the contract, which has a feature of title in certain goods. Therefore, not passing to the purchaser until the goods are actually paid for.
What does "Title to Goods" mean?
This refers to who owns what goods or materials. For example, in a conditional sales contract, title to the goods will not pass to the purchaser until the purchase price is paid. If there is no conditional sales, arrangement or provision, then title can pass simply on delivery to the purchaser.
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